[New York Stock Exchange] Three Major Indexes Rise Over 1% on News of Falling Oil Prices

Most Tech Stocks Rallying

New York Stock Exchange

As international oil prices, which had surpassed $100 per barrel last week, declined again, all three major U.S. stock indexes started higher and continued to expand their gains on March 16 (local time).

At 10:05 a.m. on this day at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was up 528.02 points (1.13%) from the previous trading day, at 47,086.49. The large-cap centered S&P 500 Index rose by 80.53 points (1.21%) to 6,712.72, and the tech-heavy Nasdaq Index climbed 288.58 points (1.31%) to 22,393.93.

Last week, after energy transport through the Strait of Hormuz was effectively halted, international oil prices broke through $100 per barrel. However, prices fell after U.S. Treasury Secretary Scott Bessent stated in a CNBC interview that the United States is allowing Iranian oil tankers to pass through the Strait of Hormuz.

Additionally, a report from the Wall Street Journal (WSJ) citing sources that the United States will soon announce a coalition of countries to escort ships passing through the Strait of Hormuz also appears to have contributed to the decline in oil prices.

As of this time, West Texas Intermediate (WTI) crude was down 4.80% from the previous session at $92.19. Brent crude was trading at $100.52, a decrease of 2.54%.

Jeremy Siegel, Professor at Wharton School, commented, "The market seems to think that we have an advantage in the Iran issue, that both sides will reach an agreement, and that a deal could even be concluded within this week." He added, "Of course, there is still a lot of uncertainty, but it is clear the market believes a certain direction is being established."

Among oil refining stocks, ExxonMobil was up 0.14% and Chevron gained 0.01%. In the defense sector, Lockheed Martin and Northrop Grumman were down 0.49% and 0.46%, respectively, while AeroVironment rose 2.07% and RTX gained 1.75%.

Tech stocks were also generally higher. Notable gainers included Nvidia (+2.07%), Apple (+0.58%), Alphabet (+0.63%), Tesla (+1.90%), and Meta (+2.23%). In contrast, Microsoft fell 0.03% and Amazon slipped 0.06%.

This content was produced with the assistance of AI translation services.